China's data dump lands on consensus

So, China has landed its combined quarterly and monthly data dump with relative softness. First, 2nd quarter GDP QoQ came in ahead of the 1.6% consensus at 1.8%:

That led to a YoY total of 7.6% versus 7.7% consensus:

In the monthly data, Industrial Production for June undershot the consensus of 9.8% growth YoY coming in at 9.5%:

June retail sales beat by the same amount, coming in at 13.7% growth versus 13.4% expected:

And finally, June Fixed Asset Investment beat as well, up 20.4% YoY versus 20% expected:

Perhaps showing the leading edge of some stimulus effect.

In a word, soft landing. But no obvious rebound from lowered expectations either. The dollar was up 30bps or so and stocks 20 points on relief presumably.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.

China’s data dump lands on consensus